Suppose Mignon Inc. had inventory in London valued at 240,000 pounds one year ago. The exchange rate for dollars to pounds was1£ = 2 U.S. dollars. This year the exchange rate is 1£ = 2.18 U.S. dollars. The inventory in Britain is still valued at 240,000 pounds. What is the gain or loss in inventory value in U.S. dollars as a result of the change in exchange rates?
A. -$240,000
B. -$43,200
C. $0
D. $43,200
E. $47,473